Revenue increased 2.6% and is continuous increasing since FY09Q2 and also is highest all the time(higher than preceding year corresponding quarter 10%), eps decreased 28.7% and is second consecutive quarter decreasing and also lower than preceding year corresponding quarter 28.8%, cash generated from operating is more than enough to cover all expenses, weaker liquidity ratio at weak level now, higher gearing rato at very high level now, as usual high payables turnover period

First Support Price

29.5

Second Support Price

28.5

Risk Rating

MODERATE

Research House

UOB Target Price

30.2 (2011-04-15)

ECM Target Price

30.14 (2011-05-03)

HLG Target Price

29.2 (2011-05-03)

HwangDBS Target Price

30.4 (2011-05-03)

Maybank Target Price

30 (2011-05-03)

MIDF Target Price

30 (2011-05-03)

OSK Target Price

29.2 (2011-05-03)

RHB Target Price

30 (2011-05-03)

BNP Paribas Target Price

30.7 (2011-05-04)

CIMB Target Price

34 (2011-07-13)

AMMB Target Price

27.35 (2011-07-15)

Accounting Ratio

Return on Equity

90.85%

Dividend Yield

5.56%

Profit Margin

22.16%

Tax Rate

27.35%

Asset Turnover

1.1519

Net Asset Value Per Share

1.6

Net Tangible Asset per share

0.61

Price/Net Tangible Asset Per Share

48.92

Cash Per Share

1.31

Liquidity Current Ratio

0.5012

Liquidity Quick Ratio

0.4867

Liquidity Cash Ratio

0.3406

Gearing Debt to Equity Ratio

2.9583

Gearing Debt to Asset Ratio

0.7474

Working capital per thousand Ringgit sale

-26.2%

Days to sell the inventory

5

Days to collect the receivables

28

Days to pay the payables

235

My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue than FY10Q2 mainly by strong data revenue momentum across all revenue streams, particularly from both mobile internet and broadband which grew by 131% year-on-year in tandem with the continued high take-up of device bundles. Higher handsets sales also contributed to the healthy revenue growth

- There was a decline in average revenue per user (“ARPU”) from RM53 in the previous financial period to RM50 in the current financial period, from the cumulative effect of newly-acquired subscribers with lower spending, margin pressure from increased competition and lower domestic interconnect revenue resulting from the downward revision in regulated mobile termination rate which took-effect from July 2010

- Lower pbt than FY10Q2 & FY11Q1 mainly due to accelerated depreciation totalling RM145.5 million with regard to future de-commissioning of existing telecommunications network assets, in anticipation of the on-going network modernisation as well as infrastructure sharing arrangement with Celcom. The effect of the accelerated depreciation was further compounded by a one-off premium of RM16.6 million payable to noteholders for the early-redemption of MTN I and II slated for completion in July 2011